First AML launches AI Assist to expedite compliance tasks

First AML, an anti-money laundering scaleup, has unveiled its latest innovation, the AI Assist tool. Designed to revolutionise the extraction of key details from trust deeds, the AI-powered tool promises to simplify Know Your Customer (KYC) and Anti-Money Laundering (AML) processes by reducing the time needed for these tasks to 60 seconds or less.

Traditionally, extracting essential data from trust deeds has been a laborious and error-prone task that requires specialised AML knowledge. The new AI Assist tool aims to address this issue by automatically gathering key details and identifying controllers and beneficial owners, such as trustees, settlers, and appointors. The outcome is a 90% faster data capture and beneficial owner identification process.

The primary beneficiaries of AI Assist are compliance professionals, who will be relieved from the tedium of manual data entry and the associated risk of human error. Automating these tasks not only streamlines workflows but also enhances the visibility of ownership structures, enabling organisations to achieve quicker compliance and improved efficacy in their operations.

Simon Luke, UK Country Manager at First AML, spoke about the importance of the new tool. "At First AML, removing the challenges of compliance is essential. Our new AI Assist tool is another important addition to the toolkit for compliance professionals, which can bring peace of mind and valuable time back into their hands. Without the usual manual data entry, compliance professionals can be more agile in stopping bad actors," he said.

First AML is known for its all-in-one AML platform, which supports thousands of compliance experts around the globe by reducing the time and cost burden of complex and international entity KYC. The company's long-term approach to the Customer Due Diligence (CDD) data lifecycle addresses challenges related to time and cost while also enhancing the customer experience and minimising reputational and security risks.

AI Assist is set to be a significant addition to First AML's suite of tools aimed at improving efficiency and accuracy in compliance tasks. By drastically cutting down the time required for data extraction and identification processes, compliance professionals can focus more on core tasks, thereby boosting their ability to prevent fraudulent activities.

First AML's commitment to simplifying compliance processes through innovative technology solutions is evident in this latest development. The introduction of AI Assist underscores the company's ongoing efforts to provide practical, effective tools that meet the evolving needs of compliance professionals and organisations worldwide.

While the tool promises significant time savings and error reduction, it also highlights a broader industry trend towards the leveraging of artificial intelligence and automation in compliance settings. As such technologies become increasingly integrated into regulatory processes, professionals in the field can anticipate a shift towards more efficient, reliable, and streamlined operations.